The sticky-wage theory of the short-run aggregate supply curve says that when the price level is lower than expected,
a. production is more profitable and employment rises.
b. production is more profitable and employment falls.
c. production is less profitable and employment rises.
d. production is less profitable and employment falls.
d
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A change in the interest rate will generally affect the
A) level of investment. B) level of consumption. C) the amount of money people want to hold. D) All of these.
In the 1920s, American (non-farm) labor benefited from all of the following except:
a. low unemployment rates. b. falling weekly work hours. c. legal limits on immigration. d. passage of federal minimum wage legislation.
If the United Mine Workers successfully negotiates a wage that is higher than the competitive wage,
a. an excess demand for labor is created b. a surplus of labor is created c. the demand for labor increases d. the supply of labor decreases e. the quantity of labor demanded increases
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.